This study examines how sponsored athletes’ performance affects a sponsor’s stock price in 170 sport events between 1991 and 2017, using Japanese data. The results show that regardless of the sporting results, stock prices reacted positively to the participation of athletes selected as country representatives in international tournaments. The positive market responses intensified when the sponsored athletes performed well or when a long-term contract was in place prior to the sport event. Moreover, national and functional congruence likely increased the sponsor’s stock price.
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